24/7 Global Payments
SWIFT's New Blockchain Ledger Enables 24/7 Cross-Border Payments Across 17 Global Banks
Anonymous
Key Points
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Bank of New York Mellon (BNY Mellon) is among the initial participants in SWIFT's tokenised-deposit pilot on the new blockchain ledger.
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Seventeen banks across six continents are preparing to pilot live transactions on SWIFT's blockchain-based shared ledger, signaling a truly global rollout.
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ANZ's Lisa Vasic said the integration of SWIFT’s trusted network with the new ledger could help customers move funds in real-time and manage liquidity more flexibly.
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SWIFT’s current network already processes a high share of payments quickly, with roughly 75% of payments reaching beneficiary banks within 10 minutes.
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The move comes amid broader interoperability efforts, including a push for a joint stablecoin network in the US run by The Clearing House, highlighting ongoing efforts to link tokenised deposits with traditional payment rails.
SWIFT has launched a blockchain-based shared ledger and announced a live pilot with 17 major banks, including HSBC, Citi, BNP Paribas, UBS, Standard Chartered, ANZ, DBS, and BNY Mellon, spanning six continents, according to Ledger Insights. The goal is simple: let banks move money across borders 24 hours a day, 7 days a week, using tokenised deposits — digital versions of regular bank deposits recorded on a blockchain.
The announcement marks a major step for SWIFT, whose network already connects 11,500 financial institutions worldwide. CoinTelegraph reported that the new ledger comes after nine months of development and will now move into a controlled go-live phase before expanding further.
17 Banks Go Live on SWIFT's New Blockchain Ledger
The pilot brings together banks from six continents in a truly global test. Participants include household names like HSBC, Citi, UBS, BNP Paribas, Standard Chartered, ANZ, DBS, and BNY Mellon. Markets Media reported that the ledger records and validates transfers of tokenised deposits — think of them as digital IOUs issued by banks that can move instantly between institutions.
The system connects these digital deposits directly to existing payment rails. That means banks do not have to scrap what they already use. Instead, the new ledger sits alongside traditional systems and fills in the gaps — especially outside normal business hours when cross-border transfers typically grind to a halt.
Round-the-Clock Transfers Replace Old Banking Hours
Today, cross-border payments often get stuck waiting for banks to open in different time zones. SWIFT's new ledger changes that. Coindoo reported that the platform allows funds to move at any time of day, improving liquidity — meaning banks always have cash available where they need it, when they need it.
ANZ's Lisa Vasic said the integration of SWIFT's trusted network with the new ledger could help customers "move funds in real-time and manage liquidity more flexibly." That flexibility matters most for large companies and banks that operate across multiple time zones and need money available around the clock.
Speed Already Strong, But Gaps Still Exist
SWIFT already moves money fast for many payments. Roughly 75% of payments on its network reach the beneficiary bank within 10 minutes, according to TradingView. But the remaining 25% — plus all the transfers that happen outside business hours — represent billions of dollars in delayed funds every day.
The new ledger targets exactly those gaps. It also preserves the compliance and risk controls banks are required to follow. SWIFT executives say the platform extends the "trust and stability of traditional finance into digital money" — keeping regulators happy while making the system faster.
Programmable Money and a Broader Industry Shift
SWIFT sees bigger possibilities beyond basic transfers. Executives say the ledger could one day support programmable money — payments that execute automatically when set conditions are met — and even "agentic commerce," where AI systems make financial transactions on behalf of users, according to Ledger Insights.
The project fits into a wider industry push. In the US, The Clearing House is backing a joint stablecoin network that would also link digital tokens to traditional payment rails. CoinTelegraph noted that interoperability — the ability of different digital and traditional systems to work together — is now a top priority across global finance. SWIFT's new ledger puts it at the center of that shift.
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